(Alliance News) - EQTEC PLC, which provides waste gasification to energy projects, said Tuesday that five senior executives have agreed to a cash reduction to their remuneration package, as part of an ongoing cost cutting programme.
The company, which in June announced a pretax loss of EUR8.3 million for 2018, will pay certain senior staff members in shares in order to reduce costs.
Directors Ian Price and Gerry Madden agreed to receive 40% of their salary during the period between July 2019 and June 2020, in the form of shares at a price of 0.33 pence, equal to the placing price of the placing announced in June.
Yoel Aleman, chief technical director and David Palumbo, commercial director, also agreed the same deal.
Thomas Quigley, a non-executive director, will have all of his salary for the period between July 2019 and June 2020 paid in shares. In addition, he will receive another 15.2 million shares for the services provided to EQTEC by Cloudberry Corporate Advisers Ltd, where he is managing director. Cloudberry offered debt restructuring advice to EQTEC.
Shares in EQTEC were 6.4% lower at 0.26 pence each in London on Tuesday afternoon.
Eqtec (EQT)